Calculator · October 2026
Credit card minimum payment calculator
Enter your balance, APR and your issuer’s minimum payment rule to see the minimum payment, how long paying only the minimum takes, the interest it costs, and two faster ways out.
Your card
How this works. Each month the minimum is recalculated from the new balance using the rule you pick, never less than the floor (or the full balance if smaller). Interest is APR ÷ 12 on the balance, with no new purchases or fees. Check your statement or cardholder agreement for your issuer’s exact formula.
Estimates for comparison, not financial advice. Offers, fees, rates and APRs are shown as stored in our database and can change at any time; confirm current terms on the issuer’s site before you apply. Partner links, where they exist, never change the results. Affiliate disclosure.
Why minimum payments take so long
The minimum shrinks as the balance shrinks, so most of each payment goes to interest for years. On $5,000 at 24.99% APR, the first minimum under the common “1% of the balance plus interest” rule is about $154. Paying only the minimum takes 16 yr 11 mo and costs about $8,824 in interest.
Two easy fixes: keep paying that first $154 every month even as the minimum drops (debt-free in 4 yr 7 mo, about $3,418 of interest), or pay about $199 a month to clear it in 3 years (about $2,156 of interest). Your monthly statement shows a minimum-payment warning with the time and total cost of paying only the minimum, and the monthly payment that would pay the balance off in 3 years.
Related tools and guides
- Credit card payoff calculator Pick your own payment and see whether a 0% balance transfer saves money.
- Balance transfer cards Every 0% balance transfer card ranked by intro length and fee.
- Debt consolidation calculator Compare your cards with one personal loan (YourBestLoanRates).
Frequently asked questions
How is the credit card minimum payment calculated?
Each issuer sets its own formula in the cardholder agreement. A common one is 1% of the balance plus that month’s interest and fees, with a dollar floor (often $25 to $40) or the full balance if it is smaller. Some issuers use a flat percentage of the balance, such as 2% or 3%.
How long does it take to pay off $5,000 with minimum payments?
At 24.99% APR under the 1%-plus-interest rule with a $35 floor, about 16 yr 11 mo, with about $8,824 of interest. Keeping the first payment of about $154 fixed cuts that to 4 yr 7 mo and about $3,418 of interest.
Does paying only the minimum hurt my credit?
Paying at least the minimum on time keeps the account in good standing, which is what payment history measures. But a high balance relative to your limit (utilization) can lower your score, and paying only the minimum keeps the balance high for longer.
What is the minimum payment warning on my statement?
Card statements show how long it would take and how much it would cost to pay off the balance with minimum payments only, plus the monthly payment that would pay it off in 3 years and the total cost of doing so.